Polish solar developer R Power has signed a credit agreement to finance the construction of a 59MWp portfolio of solar power plants located in Poland under a project finance formula.
The agreement, valued at nearly PLN190m (€43.9m), is with PKO Bank Polski.
Under the terms of the agreement, R Power has secured long-term debt financing worth PLN75.5m and €26.7m, as well as auxiliary financing, including for VAT tax financing and a guarantee line to secure the obligations of the cPPA agreement.
Tomasz Sęk, chief operating officer and co-founder of R Power, said: “The signed agreement not only represents a step forward in our cooperation but also confirms trust in our vision for development.
“Thanks to our partnership, we can continue the development of photovoltaic projects, contributing to the construction of an efficient energy infrastructure in Poland.”
Marcin Majewski, director of the corporate clients and enterprises relations division at PKO Bank Polski, said: “This is another R.Power company project that we are participating in financing.
“Such investments will increase the share of renewable energy in the national energy mix, which is beneficial for both the environment and the economy.
“Our role as a leader in the banking sector is to financially support the energy transformation, which still requires significant investments. This is one of the elements of PKO Bank Polski’s strategy that we emphasize.”
To date, the R Power Group has obtained a total amount of over PLN1bn in bank financing under the project finance formula for the construction of its own assets, positioning it among the largest renewable energy sector companies in this part of Europe.
Meanwhile, R Power has announced the signing of 10-year power purchase agreements from its PV project portfolio in Portugal.
The contract covers photovoltaic farms located in seven locations in central Portugal, with an estimated amount of electricity sold during the contract period totaling 552GWh.
This marks the first international, long-term PPA agreement in R Power’s history. >
The energy sales will be conducted through a financial (virtual) PPA formula, involving settlement differentials to spot prices.
The agreement’s duration is set for the years 2025-2034.>